Ambani's 45min speech makes Airtel,Idea lose 13K Cr

September 02 2016 at 14:17
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All it took was 45 minutes, during which Mukesh Ambani spoke about the launch of RIL's telecom venture, the market value of telecom companies like Airtel and Idea took a massive beating. Reliance Jio's aggressive plans for its mobile services launch left a $2-billion (over Rs 13,000-crore) hole in the pockets of shareholders of its listed peers Bharti Airtel, Idea Cellular and Reliance Communications. Sunil Mittal-led Bharti was the biggest loser with its market capitalisation dipping over Rs 8,500 crore to Rs 1.3 lakh crore, followed by Kumar Mangalam Birla-led Idea's more than Rs 3,500-crore loss to an m-cap of about Rs 33,700 crore. Ambani, who was talking at RIL's 42nd annual general meeting (AGM) in Mumbai, for the first time made a detailed presentation on Jio, RIL's telecom venture, including its data tariff plans and announcement of free voice call services across India. Ambani promised free voice calling within India forever on Reliance Jio. Along with that, Jio offers data at Rs 50 per GB (base rate) against Rs 250 per GB charged on average by other operators. Even roaming is absolutely free.